Mike Novogratz suggested disregarding the quantum threat., 2026/02/04 12:45:53

The risk posed by quantum computers capable of breaching the Bitcoin blockchain is not the primary factor behind the significant decline of the leading cryptocurrency below $74,000, stated Mike Novogratz, CEO of Galaxy Digital.

According to the executive, after Bitcoin surpassed the $100,000 mark, market participants felt like “winners” and began to take profits. Novogratz referred to the situation as a “virus of sellers” that has affected the market. He believes that there were more sellers than buyers, which led to Bitcoin’s downturn.   

Regarding the “quantum threat,” which is considered one of the reasons for the current drop in cryptocurrency prices, Novogratz asserts that it is merely a part of the negative sentiment prevailing in the market. He believes that Bitcoin is nearing the bottom of its price and will soon experience a rebound. Novogratz sees a potential positive catalyst in the U.S. Senate’s approval of the CLARITY market structure bill. 

Novogratz acknowledges that the price movement of Bitcoin is discouraging. He believes that for the cryptocurrency to resume its upward trend, it must return to the range of $100,000–103,000. 

Late on Tuesday, February 3, Bitcoin fell below $74,000 for the first time since November 2024, but the price later adjusted. On Wednesday, February 4, the leading cryptocurrency by market capitalization is trading at $76,232.  

Discussions about quantum computing are merely a “distraction,” according to the investment firm Grayscale. They are confident that quantum computing technology may pose a threat to the crypto market only in the long term and will not impact the industry’s development in 2026. Analysts believe that a quantum computer capable of breaking the Bitcoin blockchain is unlikely to emerge before 2030.